Attorneys At Law

Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

Attorneys At Law - Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

Lawsuit Filed in Federal Court Challenging Cook County Property Tax Assessments

Cook County SealA rare lawsuit by a group of seven Cook County taxpayers has been filed in Federal Court challenging their property tax assessments by the Cook County Assessors Office.

 

Here is the story below that was originally published by jdsupra.com:

Rare Lawsuit filed in Federal Court Challenging Property Tax Assessments

Last week a lawsuit was filed in the U.S. District Court for the Northern District of Illinois by a group of seven Cook County taxpayers challenging the time it has taken to adjudicate their claims in the Cook County Circuit Court.

The lawsuit is brought, in part, under the Tax Injunction Act, a federal statute allowing a taxpayer to challenge a state or local tax in federal court when the remedy in state court does not provide for a ‘plain, speedy and efficient remedy.

The taxpayers have been contesting their real estate assessments in the Cook County Circuit Court for more than ten years.

For over a decade, they have been arguing in state court that their constitutional rights have been violated by an assessment process that departs from the requirements of the Cook County Classification Ordinance and the Illinois Constitution.

Now, they are alleging in federal court that the Cook County Court has bogged down due in part to the County’s destruction of records and that only the federal courts can provide them with an appropriate remedy.

You can review the complaint by clicking here.

It is highly unusual for a state court property tax dispute to migrate to federal court.

Overwhelmingly the federal courts have declined jurisdiction of state and local tax matters. Only when the state court remedy denies the plaintiff a plain, speedy and efficient remedy will the federal courts consider a case.

We expect that the County defendants will move to dismiss this lawsuit, and if they are successful, the case will continue in the Circuit Court.

The named defendants in this suit are Cook County Treasurer Maria Pappas and outgoing Cook County Assessor Joe Berrios.

The taxpayers are claiming total damages of more than $27.0 million.

The properties involved are in Bridgeview, Calumet City, Niles, Northbrook, Rolling Meadows, and Rosemont.

Original story via jdsupra.com

 


The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090

 


Cook County Property Taxes Due August 1, 2018

Cook County Seal

The due date for the Tax Year 2017 Second Installment is Wednesday, August 1, 2018.

The easiest and fastest way to pay your Cook County Property Tax Bill is online.

>> PAY ONLINE

You can also pay property taxes at participating community banks.

 

Pay at Chase Bank locations

You can pay your Cook County property taxes at any Chase Bank location in Illinois, including ones outside Cook County.

If you are unable to pay online, you may present payment with a tax bill payment coupon for the current Tax Year 2017 Second Installment (payable in 2018) and prior Tax Year 2016 (payable in 2017) taxes at any of the nearly 400 Chase Bank locations in Illinois.

Chase Bank logoYour check MUST include:

  • Property Index Number (PIN)
  • Taxpayer Name
  • Property Location, including Unit Number
  • Mailing Address
  • Telephone Number
  • Email Address
  • Tax Year/Installment

Including this information on your check helps us to reach you if there are any questions regarding your payment.

 

Please also note the following about paying current taxes at Chase Bank:

  • You must present a tax bill payment coupon, such as the one you received in the mail with your tax bill. You may print a duplicate coupon on our website. Printouts from our website of other payment information will not be accepted.
  • Through the dates listed on the bill, you may submit payment using cash, standard checks, money orders, cashier’s checks or certified checks drawn on any bank.
  • Partial payments are accepted at Chase Bank.
  • You must submit one original payment coupon and check per PIN.
  • You will receive a dated receipt.

 


More information available at the Cook County Treasurer website.

 


The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090

 


How Much Will I Get From Social Security if I Make $100,000?

Social Security Retirement Couple

The Social Security program is the biggest provider of retirement payments in the United States.

Unfortunately, many people heading towards retirement have little understanding of how Social Security works or how much they will receive in benefits.

In this post, we offer you a rundown of how much a six-figure earner can expect from Social Security, and also an explanation of how the benefit-calculation process works so you can apply it to your situation.

 

About Social Security Benefits

How is Social Security calculated?

Social Security AdministrationThe Social Security Administration (SSA) keeps a record of your earnings from every year of your working lifetime, up to the annual taxable earnings cap.

When calculating your social security benefits, these annual earnings figures are all indexed for inflation, and the 35 highest years are averaged together.

This average is divided by 12 to determine your average indexed monthly earnings or AIME. If you don’t have 35 years of Social Security-covered earnings, zeros will be used in determining the average for the missing years.

Once your AIME has been calculated, it’s applied to a formula to determine your primary insurance amount (PIA), or your Social Security benefit if you claim at your full retirement age. For 2018, the formula is:

  • 90% of the first $895 in AIME
  • 32% of the amount greater than $895, but less than $5,397
  • 15% of the amount above $5,397
  • It’s important to note that the formula in effect in the year you become eligible (age 62) will be used, regardless of when you actually claim your benefits.

Finally, your benefit will be permanently adjusted if you claim benefits before or after your full retirement age.

Depending on your full retirement age, your benefit can be permanently reduced by as much as 30% if you claim as early as possible, or it can be permanently increased by as much as 32% for waiting until age 70, the latest claiming age.

 

Social Security with a $100,000 average income

Because Social Security benefits are based on 35 years of your earnings, there is no way of knowing what your benefits will eventually be because you’re earning $100,000 right now.

Having said that, let’s calculate a Social Security benefit for someone who averages $100,000 in inflation-adjusted earnings throughout their entire career. We’ll assume this person turns 62 in 2018 so that we can use this year’s benefit formula.

An annual income of $100,000 for your entire career translates to AIME of about $8,333 per month. According to the Social Security formula for 2018, this worker’s primary insurance amount, or PIA, will be $2,686.54.

Workers turning 62 in 2018 have a full retirement age of 66 years and four months, so our hypothetical $100,000 earner would need to wait until this age to receive this entire benefit amount. If they decide to claim right away at age 62, their benefit will be reduced to about $1,970 per month.

Here’s a chart of how much a career $100,000 earner would be entitled to if they claimed Social Security at various ages:

As you can see, the age at which a $100,000 earner decides to start collecting Social Security makes a big difference.

It’s important to point out that these benefits would all be increased by any cost-of-living adjustments, or COLA, that occur between now and when benefits are initially claimed.

For example, if this person claims their retirement benefit next year at age 63 and there’s a 2% COLA given in 2019, the benefit in the chart would be increased by that percentage.

 

How could this change by the time you retire?

Loan Modifications and WorkoutsIf you’re still many years away from retirement, then it is important for you to take this information with a big grain of salt.

Social Security may be in a solid financial situation currently, but it could deteriorate rapidly over the next 15 years or so. Some sort of reforms will be required to fix the program for the long term.

Now, there’s no telling what form the eventual fix will take. It could end up being a simple tax increase, which could keep the Social Security benefit structure exactly how it’s discussed here. On the other hand, some form of benefit cut, such as an increase in the full retirement age, is also a possibility.

The bottom line is that if you’ll be reaching Social Security age in the near future, this discussion should be pretty accurate when it comes to your situation. Beyond that, however, there likely will be some changes.

Original Source: The Motley Fool

 


The Law Offices of Lora Fausett P.C. provides legal services including social security disability, estate planningmortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090

 


How Illinois Property Taxes are Calculated

How Illinois property taxes are calculated and their affect on home values

Illinois homeowners pay the second-highest property taxes in the nation according to real estate data company Attom Data Solutions.

Most people will tell you they think their taxes are too high, and now you have the confirmation. Only residents of New Jersey pay higher property taxes than Illinois, with Vermont, Texas, and New Hampshire not far behind.

Of course, property taxes are essential to maintaining government services such as public schools, water lines, sewers, roads, infrastructure, parks, and libraries.

It’s not out of line though to wonder if they’are worth it.

In this post, we discuss how property taxes affect your return on home ownership and how property taxes are calculated in the state of Illinois. The method of calculation may surprise you.

 

How property taxes affect homeownership returns

  • Property taxes affect home values
  • Property taxes siphon off money that would be spent building equity
  • Second-highest cost of homeownership
  • Home appreciation prices are held in check by property taxes
  • High property taxes don’t see home values rise as quickly

Your property taxes affect home values and take away money that you could potentially spend on home improvements, paying off your mortgage sooner and building equity.

Property taxes are the second-highest cost of homeownership after your mortgage. They are a key indicator of profitability for real estate investors.

Home appreciation prices are held in check by property taxes. This can be both a benefit or a hindrance. In high-tax states, home prices don’t rise as quickly during a housing boom because people have to pay for those higher values through taxes.  On the potential upside, those same markets are somewhat more protected from wild price swings.

 

How property  taxes are assessed

Most people assume that property taxes are based on the assessment of properties.

Your property tax bill actually starts with how much the county, municipality, and taxing districts (school district, park district, library district, etc.) expect to spend.

The various taxing bodies figure out their budget based on the prior year’s budget plus an annual increase. They then figure out home much money they can expect from the state, assess the current taxable value of the property in the districts, and then the county clerk figures out the tax rate.

The county clerk calculates the tax rate based on the amount that the taxing districts are allowed to receive reconciled with the assessed property value.

In other words, taxes are based on how much they expect to spend, based on what they can get.

This can be very confusing because it is the opposite of how income taxes work. With income taxes, the more you make, the more you pay. But when your property value goes down, it doesn’t mean your property taxes go down.

 

Disputing your property tax assessment

If you think you are paying too much in taxes because your own property is not worth as much as the assessor thinks it is, you need to protest the specific assessment.

You will need to provide evidence that your property is not worth as much as the assessor thinks it is. This may include property sizes, home upgrades, location, and other factors.

There is also a time limit as to when you can contest your assessment.  For example, in DuPage County, the period during which an appeal may be filed ends thirty days after the publication of the township assessment roll. This publication date varies, but in DuPage County, it is usually in October.

 

Property tax equalization rate

Most states figure property taxes based on local budgets and assessed values, which translate to a tax rate. It can’t be that easy in Illinois though.

Illinois complicates the tax calculation by applying an “equalization” factor that figures the final tax rate up or down.

According to a 2017 press release from the Illinois Department of Revenue, the department figures out the equalization rate “for each county by comparing the actual selling price of individual properties, over a three-year period, with the assessed value placed on those properties by the county assessor and adjusted by the board of review.” 

State law requires that the total equalized assessed value of all property in Illinois counties equals 33 1/3 percent of the fair market value. The press release goes on to say that “if the median level of assessment for all property in the county varies from the 33 1/3 percent level required by law, an equalization factor is assigned to bring assessments to the legal mandated level.”

Municipalities have the right to accept or reject the equalization factor, which further complicates the issue.

When appealing your property tax bill, you must take into consideration how your own bill was assessed based on the equalization factor.

If you successfully appeal your assessment, your bill might not go down by much, or not at all, depending on how your municipality uses the equalizer.

 

Understanding this system will help you to vote and comment with an informed opinion about how the system can be improved for everyone.

 

Article Source: You know Illinois’ property taxes are sky-high. But the calculation process might surprise you. – Chicago Tribune


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090


Making Dreams Come True Housing Fair – Thursday April 12th

Making dreams come true - Housing fair April 12 2018

 

Chicago Urban League and Huntington National Bank presents:

“Making Dreams Come True” Housing Fair

 

EVENT DESCRIPTION:

Are you thinking of becoming a homeowner?

Join us and learn how to achieve the American Dream of homeownership.

Various professionals will be on hand to discuss options for finding, financing, and owning a home.

Our professionals are knowledgeable, experienced and stand ready to ensure your home buying experience is profitable and problem free.

Enter to win a 42” Flat Screen Television (Must be present to win)

 

DATE:

Thursday, April 12th, 2018

 

TIME:

6:00PM—8:30PM

 

LOCATION:

Chicago Urban League
4510 S Michigan Avenue
Chicago, IL 60653
(Parking Available)

 

REGISTRATION

To register, contact:
ganderson@thechicagourbanleague.org
(773) 285-1500

Space is limited! Reserve your seat, today!
Refreshments will be provided.


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090